BANKING

T-Bills Rates Down: The Treasury sold $10.2 billion of new three-month bills at an average discount rate of 4.39%, down from 4.44% last week. Another $10.2 billion of new six-month bills was sold at an average discount rate of 4.39%, down from 4.50% last week. The three-month bill rate was the lowest since they sold for 4.296% on Dec. 23, 1976. The six-month bill rate was the lowest since they averaged 4.298% on July 31, 1972. The new discount rates understate the actual return to investors: 4.51% for three-month bills, with a $10,000 bill selling for $9,889.00, and 4.56% for a six-month bill selling for $9,778.10. The discount rate reflects the price discount received when government securities are purchased at less than face value.